What's Going On With SoFi Technologies Stock?

SoFi Technologies Inc SOFI shares are trading higher. The company on Tuesday announced the launch of its Deposit Sweep product. 

What Happened: SoFi’s technology platform Galileo Financial Technologies has launched a deposit sweep offering that enables fintech companies to partner with banks and a deposit sweep provider to offer customers an opportunity to maximize interest earnings and extend FDIC coverage.

Galileo will facilitate the data exchange and reporting framework for companies collaborating with a deposit sweep provider. The new product will provide fintech companies with an automated way to deliver added value to their customers.

“Galileo Deposit Sweep empowers fintechs to deliver more competitive returns for their customers by leveraging a network of participating banks and a deposit sweep provider. This solution enables fintechs to offer better interest rates without increasing operational complexity,” said David Feuer, chief product officer at Galileo.

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SoFi shares are down about 34% year-to-date. Shares have trended lower since the company reported fourth-quarter financial results in late January.

SoFi beat analyst estimates on the top and bottom lines but soft earnings guidance for the first quarter weighed on shares. SoFi said it expects first-quarter revenue of $725 million to $745 million and earnings of 3 cents per share, versus estimates of 5 cents per share. SoFi also guided for full-year earnings of 25 cents to 27 cents per share versus estimates of 28 cents per share.

SoFi scheduled its first-quarter results for April 29 last week. Analysts currently expect the company to report earnings of 4 cents per share and revenue of $740.31 million, according to estimates from Benzinga Pro.

It’s worth noting that SoFi shares have fallen alongside the broader market in recent weeks after the Trump administration announced sweeping reciprocal tariffs on numerous countries, raising fears of a recession. Markets are rising Tuesday morning on hopes that the U.S. will reach trade deals to lower tariffs.

SOFI Price Action: SoFi shares were up 2.2% at $10.07 at the time of publication Tuesday, according to Benzinga Pro.

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